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Saturday, March 2, 2024

JD Sports Buys 80% Stake in Cosmos Sports

JD Sports/Design: Alex Brooks

Last month, JD Sports reported a record $505.9 million in pre-tax profit for the first half of the year. Now, the sports retailer has acquired an 80% stake in Greece-based Cosmos Sports.

With 57 stores in Greece and three in Cyprus under a mix of retail banners, Cosmos will boost JD’s footprint, adding to the more than 3,300 stores JD Sports already has worldwide.

EOS Capital Partners sold the 30% stake that it acquired two years ago and founder Fragiskos Tsiknakis’ family lowered their stake from 70%. Cosmos recorded $60.5 million in revenue last year.

Cosmos is just one of JD Sports’ many acquisitions in the past year.

  • The British retailer purchased an 80% stake in Barcelona-based online sports retailer Deporvillage.
  • It bought a 60% stake in Polish sports fashion business Marketing Investment Group.
  • It acquired California-based Shoe Palace for $325 million and Baltimore-based retailer DTLR Villa for $495 million.
  • It also purchased Manchester-based clothing retailer Oi Polloi.

JD Sports is interested in acquiring U.K.-based e-commerce retailer Missguided, too. It may, however, be required to sell Footasylum — which it bought for $124 million in 2019 — following concerns from the United Kingdom’s Competition and Markets Authority.

The company expects full-year earnings to more than double.

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